Second Quarter 2025 Video Commentary

Given the chaos of the news cycle, confusion around tariffs, and market volatility in early in the second quarter, we have had a very good year from an investing standpoint. Year-to-date the average portfolio under our management is at all time highs.

A Highlight from the second quarter is the very successful round trip for our trend following strategy. After the initial tariff news our trend following strategies reduced exposure to stocks, mitigating significant stock market losses. A few weeks later, trend following picked up on new upward momentum in the markets and tilted back into a full allocation of stocks.

Additionally, as we discuss in our quarterly commentary video, our largest allocations are to international stocks and gold, which have made for stellar positioning. Both international stocks and gold have significantly outperformed the S&P 500 year-to-date, creating very strong performance for your portfolio.

We are now in the doldrums of summer, and we welcome the calm markets and rest up for more potential volatility in the second half of the year. Please watch our quarterly commentary for a more detailed review of last quarter and what we are watching as the year progresses.

Link to presentation slides